St. Petersburg, FL: Stoneweg US, a real estate investment firm specializing in multifamily acquisitions and developments, announced the disposition of its 10-property Cardinal portfolio of 1207 units, on December 4, 2020. The sale, which follows the Company’s recent announcement of the acquisition of Trellis at the Lakes for $114MM; is the largest to date for the Company, reinforcing its position as an industry leader with the ability to effectively secure and execute large-scale transactions on both buyer and seller side.
“The Cardinal disposition really solidifies our ability to accomplish sizeable transactions on both ends of the spectrum and speaks to how astute our capabilities are as a Company,” said Chief Investment Officer for Stoneweg US Ryan Reyes. “Being able to deliver an impressive 29% IRR to our investors, while navigating this year’s tumultuous market, is a testament to our value-add strategy and provides us with great momentum as we gear up for 2021.”
The Cardinal Portfolio is comprised of 10 garden-style multifamily complexes spread across Central and North Florida. Throughout the three-year holding period, Stoneweg US optimized asset management operations and implemented an aggressive capital expenditure plan throughout that included: remodeling units with modern amenities, enhancing landscaping, and updating amenity areas and exteriors to increase occupancy and overall market value.
“We are extremely pleased with the work we’ve done with the Cardinal Portfolio,” said Patrick Richard, CEO for Stoneweg US. “When first acquired, this portfolio was Class C--so to see the improvements we’ve made to transform it to the Class B condition it is in today really brings us full circle.”
Proceeds from the sale of Cardinal will be used to fund the Company’s initial 2021 acquisition pipeline which already has 3-5 properties in consideration. The disposition was brokered Ryan Moody, Senior Managing Director and John Rutherford, Director of Newmark with Eversheds Sutherland (US) LLP serving as legal counsel on the deal.
About Stoneweg US
Stoneweg US is a multifamily real estate investment and development firm located in the heart of downtown St. Petersburg with a portfolioof over 12,500 units valuedover $1 Billion. The Company investsin multifamily assets positioned for strong growth and focuses on increasing investor returns, while improving resident experience through a variety of value-add strategies. For more information, please visit: www.stoneweg.us.